Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

GMO Internet (4784) - Squeeze-Able So Squeezing, Offering Likely Gets Pulled - AVOID LIKE THE PLAGUE

[Quiddity Index] GMO (9449) Sub GMO Financial Gate (4051) Moves to TOPIX

TOPIX Inclusions: Who Is Ready (Jun 2025)

GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Last year, GMO injected its internet business into <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> and took shares as consideration. Somehow, GMO Internet got a TOPIX inclusion earlier this year. </li>
<li>The company has 1.24% float of 3.4mm shares. GMO Internet Group - the parent - will now offload 91.7mm shares in an equity offering to meet TSE Continued Listing Requirements.</li>
<li>That is about ¥279bn at current price against float of ¥10bn. Full market cap is ¥850bn. That's 170x Dec25e Net Income. I expect the price will fall. You were warned. </li>
</ul>


Last year, GMO injected its internet business into GMO Internet (4784 JP) and took shares as consideration. Somehow, GMO Internet got a TOPIX inclusion earlier this year. 
The company has 1.24% float of 3.4mm shares. GMO Internet Group - the parent - will now offload 91.7mm shares in an equity offering to meet TSE Continued Listing Requirements.
That is about ¥279bn at current price against float of ¥10bn. Full market cap is ¥850bn. That's 170x Dec25e Net Income. I expect the price will fall. You were warned. 


GMO Internet (4784) Offering - This Is a GINORMOUS Re-IPO - AVOID LIKE THE PLAGUE